Wal-Mart (WMT -0.1%) is one step closer to looking like a bank after the FDIC approves deposit...

Wal-Mart (WMT-0.1%) is one step closer to looking like a bank after the FDIC approves deposit insurance for funds held in Bluebird debit and checking accounts under a joint venture with American Express (AXP+1.3%). Deposit accounts under the Bluebird program now feature the ability for customers to direct deposit social security payments, military and government paychecks, and tax refunds.